(a) A "managing agent" is a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development.

(b) A "managing agent" does not include any of the following:

(1) A regulated financial institution operating within the normal course of its regulated business practice.

(2) An attorney at law acting within the scope of the attorney's license.

Section 1363.2 - Managing Agent’s Duties

(f) As used in this section, a "managing agent" is a person or entity, who for compensation or, in expectation of compensation, exercises control over the assets of the association. However, a "managing agent" does not include a full-time employee of the association or a regulated financial institution operating within the normal course of business, or an attorney at law acting within the scope of his or her license.

Changes

41581363.2 (f) As used in this section, a "managing agent" is a person or entity, who (a) A "managing agent" is a person who, for compensation or, in expectation of compensation, exercises control over the assets of the association. However, a "managing agent"a common interest development.(b) A "managing agent" does not include a full-time employeeany of the association or afollowing:(1) A regulated financial institution operating within the normal course of its regulatedbusiness, or anpractice.(2) An attorney at law acting within the scope of his or her license.the attorney's license.